How Charlie Munger transformed Warren Buffett's investment strategy away from ‘cigar-butt’ investing

Charlie Munger, the right-hand man of Warren Buffett, died Tuesday at the age of 99. Long considered one of Buffet’s closest confidants and Buffett’s reliable No. 2, Munger held the nickname of “The Abominable No-Man” because of the frequency with which he turned down investment ideas he deemed unworthy. But the older man was a renowned investor in his own right, and responsible for shaping much of Buffett’s thinking over the course of his career. Buffet credited Munger with encouraging him to diversify his investing strategy. Prior to meeting Munger,...